FTSE 100 Elliott Wave Review (04/02/2010)

This is my interpretation using Technical Analysis and Elliott Wave Theory to look at the FTSE 100. Elliott wave is my prefered tool when looking at the stock market, I believe that it can work to reflect the "psychology" of the market quite acurately.


I am NOT a very experienced trader or technical analyst, but I am very interest in developing my skills and welcome you to share your experienced and advice so that we may both learn from it.


http://elliotticians.blogspot.com/

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[ElliottTrader]

If you study the crash of 1987 in the S&P 500, it should become evident that a crash does not have to make a more symmetrical head-and-shoulders type pattern. Since this is expected to be wave [iii], down, of wave 1, down of (C), then corrective waves are expected to be shallow.

After we complete wave [iii], wave [iv] would likely be extended in time, but not cover much price. The price movement would likely come with the subsequent a,b,c.

Good work. Keep it up!

[Andronichuk]

Thanks for the ideas ElliottTrader..

Will certainly take them into consideration.

Will post a "weekend review" video soon, clearly I have gone wrong some where in my counts so will look to see what I may have missed.

Thanks for the input.

[quibowibbler]

The FTSE has gone down a huge amount this morning. Do you still expect it to go up and make that right shoulder?

[Andronichuk]

yeah I am still hoping to see it rise towards my 5400-5375 target area.

[Schweizer135]

Do you care about some of the major moving averages?

[Andronichuk]

To be honest I have grown more and more sceptical of many indicators.

Moving averages being one of them....

My reasoning is this:

Moving averages are a lagging indicator (as most indicators area)...

How would you decide what time frame to look at? After all, the different time frames have the major MAs at different levels...

So my personal style is just to have:

Trendlines, Support/Resistance, Elliott Wave Labels, Fibonacci Levels and classic chart patterns (triangles, channels...)

[hawaiischild]

Where did u learn all this. I've been to the their website, even subscribed, but you seem to have a better handle on it than they do. How long did it take you to learn & what software are you using that has Elliott labels?

[ElliottTrader]

Completely agree. If anything they provide a target only for retracements.

[DebtJunkie]

Volume is much improved - cheers!

Thanks for the Piper video.